Unclaimed Property Blog

Montana residents and those who recently moved away, listen up. The state is currently involved in a lost escrow crisis. Homeowners, those who have recently sold their homes and even real estate agents may have lost escrow amounts waiting for them. If you suspect that you may have a sum waiting for you, there’s one very simple way to find out. The site is called Cash Unclaimed and you are encouraged to visit if you want to find lost escrow amounts in about 2.5 seconds.

What is Lost Escrow?

Escrow is a handy tool that protects multiple parties from losing their hard earned money during certain transactions. You typically hear of escrow used in real estate sales. A couple looking to buy a home will put their money in escrow, which is kind of like a holding fund, where it will be held until the deal is complete. The fact that the money is in escrow is satisfying to the seller because he or she knows that the couple is good for the cost of the home sale (or at least the down payment). The real estate agent gets the same satisfaction, knowing that his or her commission is intact and ready to be taken out as soon as the home sale goes through; and of course the couple gets satisfaction in knowing that their money is safe and sound until the deal is done. The problem happens when the money is taken out of escrow and not all of it is withdrawn. These extra or lost escrow amounts typically go to the treasury for state keeping, and that is where they have been building up. Now, whether you were a home buyer, seller or real estate agent, you may finally be able to get your hands on any amounts of lost escrow that may be coming to you.

Big purchases that require big money typically rely on what is known as escrow for ensuring that the funds are safe while the deal is in progress. Most people think of home buying when they think of escrow, and that would be an excellent example of this concept at work. The process of buying a home can be long and tedious. There is much to consider and the deal typically takes weeks or months to be finalized. Instead of the buyers transferring the thousands or millions of dollars directly to the home seller, the money can be put into escrow until the deal is finalized and the deed of the home finally changes hands.

If you have ever had money in escrow, as is common during the process of home buying, you may have lost escrow amounts unbeknownst to you at that time. The process is easy enough. You put money in escrow, and whether you purchased the house or backed out at the last minute, you expected all the money to ether go to the real estate agent and previous owner or back into your bank account if you declined the offer. In any case, you may have lost escrow amounts owed to you. To retrieve your lost escrow amounts, point your browser to Cash Unclaimed, a massive database that is designed to help you find that very amount of money that you may have lost.

Every year various sums of money get put into escrow for various reasons, usually in the process of buying or selling a house, and the money gets left there. Sometimes a portion of the amount of money will be removed, but that still leaves at least a tiny bit of that ‘lost escrow’. When this escrow money goes missing, it ends up being sent to the state treasury where it’s kept with the state’s other unclaimed money accounts. To claim lost escrow amounts that may belong to you or someone close to you, you are encouraged to use the Internet, the easiest way to search for lost escrow accounts yet.

Lost escrow amounts are another main contribution to the large amount of unclaimed money lying with the state treasure. Escrow amounts are the cash deposited with a third party during any deed between the two parties. Securing the amount separately assures both the parties involved in the agreement that the other party will not default either on the payment or the project. The escrow amount remains unpaid till all the conditions of the contract between the parties are met or it is paid partially after completion of every step of the project.